FCMB Launches HERccelerate to Support Female Tech Founders

FCMB Launches HERccelerate to Support Female Tech Founders

First City Monument Bank (FCMB) has launched HERccelerate, a tech accelerator designed to foster innovation and empower women-led tech startups in Nigeria.

This initiative, spearheaded by the Bank’s She Ventures and Hub One innovation hubs and implemented by 8thGear Hub and Venture Studio, aims to equip women-founded startups with the skills, knowledge, and networks they need to secure funding and achieve long-term growth.

Applications for HERccelerate are available until September 30, 2024, at www.fcmb.com/herccelerate/. The program provides funding and resources to women-led startups in a variety of industries, including fintech, agritech, healthtech, edtech, and e-commerce.

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Participants will benefit from intensive training, including office hours, visits to successful local startups, and networking events with established founders. This comprehensive support system provides access to crucial knowledge, resources, investors, markets, and networks, culminating in a showcase day where winners will receive grant funding and other valuable opportunities, including potential investor connections.

FCMB’s Managing Director, Mrs. Yemisi Edun, stated, “This initiative demonstrates our commitment to nurturing innovation and empowering women-owned businesses, particularly SMEs in the tech sector. We recognize the challenges faced by women entrepreneurs, such as funding disparities and biases. HERccelerate aims to foster innovation and enhance funding opportunities for female-led ventures. We encourage women entrepreneurs to seize this opportunity to make a significant impact.”

Nigeria’s tech sector has grown significantly in recent years, with many female-led startups making substantial progress. However, they still face challenges, including limited funding access; in 2023, female-led startups received less than 6% of venture capital. Through HERccelerate, FCMB aims to support and accelerate over 200 women-founded tech startups over the next five years, promoting a more inclusive and equitable tech ecosystem.

FCMB, a division of FCMB Group Plc, is committed to promoting inclusive and sustainable growth in Nigeria by creating a supportive ecosystem that connects people, capital, and markets.